Nottingham-based mapping company, GeoSLAM, has received a £5.4million investment to support a merger transaction with 3D Laser Mapping, and further evolve its 3D mobile mapping and monitoring technology.
The cash injection, provided by Frontier Development Capital and Clydesdale Bank, will also see the firm significantly accelerate the development and marketing of new products to international markets.
Best known for its range of hand-held laser 3D mapping devices and accompanying software systems, GeoSLAM’s products are used across the globe to survey complex environments such as mines, tunnels and caves. The company has experienced strong growth since its launch in 2012 and now sells its technology to over 80 distributors in more than 60 countries.
Shelley Copsey, CEO at GeoSLAM, said: “We are an incredibly ambitious organisation and our recent merger, supported by this investment, has meant we are now able to use our combined experience in international distribution, innovation and R&D to deliver the next generation of products to clients in an incredibly wide portfolio of industries.
“The launch of ZEB-HORIZON in particular is set to revolutionise how SLAM contributes to a businesses’ data collection, and I know the next few months are going to bring tremendous international growth.”
Founded as a joint venture with Australia’s National Science Agency, GeoSLAM is aiming to use this multi-million-pound investment as a catalyst to bring more products to market.
Ondrej Okeke, Investment Director at Frontier Development Capital, said: “GeoSLAM is pushing the boundaries in laser mapping and monitoring technology. We are backing a very strong management team with considerable experience in developing technology and bringing innovative new products to market both domestically and overseas.
“By providing this finance alongside Clydesdale Bank, we are supporting the rapid growth of GeoSLAM as it delivers improvements to its R&D capabilities and launches new laser mapping and monitoring products.”
The £5.4million investment package in GeoSLAM is the result of £4million from Clydesdale Bank and £1.4million from Frontier Development Capital.
David Burgess, Director for Business Development, Corporate and Structured Finance at Clydesdale Bank, said: “GeoSLAM is the world leader in mobile mapping technologies and more and more industries are now at the tipping point of adopting laser mobile mapping as standard equipment. GeoSLAM is well-placed to take full advantage of this growing trend.
“We are keen to provide funding for SMEs operating in the technology sector and GeoSLAM is a good example of the type of innovative, high-growth firm we want to support. With the backing of a talented leadership team, we are looking forward to helping the firm continue its upwards trajectory.”